MUMBAI (Reuters) - State-run reinsurer General Insurance Corp of India’s initial public offering of shares to raise 113.73 billion rupees ($1.75 billion) was subscribed nearly 80 percent on the first day of the sale on Wednesday, stock exchange data showed.

A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India, August 24, 2015. REUTERS/Danish Siddiqui/files

The institutional portion of the sale has already been subscribed more than 1.5 times, the data showed.

The IPO, India’s biggest in seven years, closes for subscription on Friday.